Google, Adobe, Nvidia, others to help make young Indian creators future-ready, says Vaishnaw

Vaishnaw also announced a major upgrade for Pune railway station, citing the city's historical and industrial importance.

Seven large companies, including global technology firms such as Google, Adobe, and Nvidia, are collaborating with the government to develop the upcoming Indian Institute of Creative Technology (IICT) into a "world-class institution" and help get young creators to be future-ready, information and broadcasting minister Ashwini Vaishnaw said on May 1.

The minister was speaking at the inaugural World Audio Visual and Entertainment Summit (WAVES) in Mumbai's Jio World Centre from May 1 to May 4. The summit, which has an extensive list of speakers from the entertainment world, aims to boost the potential of the media and entertainment industry that reached a revenue of Rs 2.5 lakh crore in 2024.

"The world of creativity is going through a profound transformation....Industry estimates show India is home to 40 million creators. Thirty-five lakh participated in the challenges in WAVES and participants were from across 60 countries. The new institution will be for this kind of talent," the union minister said.

The institute, being established along the lines of the IITs and IIMs for the media and entertainment sector, has been allocated Rs 400 crore by the Centre with the Maharashtra government providing land.

It will be located at the Dadasaheb Phalke Film City in Goregaon and will serve as a global centre of excellence for education, research, innovation, and skill development in the animation, visual effects, gaming, comics, and extended reality (AVGC-XR) sector.

The IICT has been established as a not-for-profit Section 8 company, with 48 percent equity held by the government — 34 percent by the Centre and 14 by the Maharashtra government (through Maharashtra Film, Stage & Cultural Development Corporation Ltd (MFSCDCL).

The remaining 52 percent is held by industry bodies, with the Federation of Indian Chambers of Commerce and Industry (FICCI) and the Confederation of Indian Industry (CII) each holding 26 percent.

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The cabinet approved the National Centre of Excellence (NCoE) for AVGC-XR sector in September. The government signed a memorandum of understanding (MoU) with the Maharashtra government and MFSCDCL in April 2025.

IICT will initially operate a temporary campus from the National Film Development Corporation (NFDC) premises in Mumbai.

The Indian media and entertainment sector is expected to grow 7.2 percent in 2025, reaching Rs 270,000 crore ($31.6 billion), and then expand at a compound annual growth rate (CAGR) of 7 percent to reach Rs 310,000-crore ($36.1 billion) mark by 2027.

With an ambition to unlock a $50-billion market by 2029, WAVES is organised by the information and broadcasting ministry. It aims to position India as a global hub for media, entertainment, and digital innovation by bringing together global and domestic industry leaders, startups, creators, and policymakers from across the world.

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